6-8 - 6-8 Transfer of Depreciable Asset 1/1/x2 Cost A/D...

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Unformatted text preview: 6-8 Transfer of Depreciable Asset 1/1/x2 Cost A/D Book Value Sales price Gain 300,000 120,000 180,000 210,000 30,000 10 6 6 6 30,000 35,000 5,000 E6-8 Transfer of Depreciable Asset at Year-End a. Eliminating entry, December 31, 20X5: E(1) Truck Gain on Sale of Truck Accumulated Depreciation 90,000 30,000 120,000 b. Eliminating entry, December 31, 20X6: E(1) Truck Retained Earnings, January 1 Accumulated Depreciation Accumulated Depreciation Depreciation Expense 90,000 30,000 120,000 5,000 5,000 ...
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